Chang Jiang Shang Bao·2025-11-06 02:58Core Viewpoint - Tianhua New Energy's stock price continues to rise despite significant pressure on its operating performance, indicating a divergence between stock performance and financial results [2][5]. Financial Performance - For the first three quarters of 2025, Tianhua New Energy reported revenue of approximately 5.6 billion yuan, a year-on-year increase of about 2% [3][9]. - The company's net profit attributable to shareholders was 32.87 million yuan, a dramatic decline of 96.44% year-on-year, with a non-recurring net profit showing a loss [3][9]. - The company's revenue for the first three quarters of 2023 and 2024 was 8.91 billion yuan and 5.45 billion yuan, respectively, reflecting year-on-year declines of 29.13% and 38.80% [9][10]. Stock Price Movement - Since September 4, 2025, Tianhua New Energy's stock price has increased from 19.84 yuan per share to 33.88 yuan per share, representing a 70.77% increase [3][7]. - On November 5, 2025, the stock closed at 33.88 yuan per share, with a daily increase of 1.38% [2][5]. Market Expectations - The divergence between Tianhua New Energy's stock price and its financial performance is attributed to high market expectations, particularly due to its deep ties with industry giant CATL [4][12]. - The company is set to transfer 12.95% of its shares to CATL, which will become its second-largest shareholder, further solidifying their strategic partnership [4][18]. Lithium Price Impact - The decline in lithium salt prices has significantly impacted Tianhua New Energy's profitability, with prices for battery-grade lithium carbonate dropping from around 100,000 yuan per ton at the beginning of 2024 to approximately 73,000 yuan per ton by September [11]. - The third quarter of 2025 showed signs of recovery, with revenue and net profit increasing by 21.47% and 113.22% year-on-year, respectively [11]. Strategic Moves - Tianhua New Energy plans to acquire 75% of Suzhou Tianhua Times New Energy, which will integrate lithium resource investments into the listed company and eliminate potential competition risks [15][17]. - The company has a history of collaboration with CATL, including joint ventures and previous shareholdings, which enhances its market position [12][14].